Economic Knowledge Quiz

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Questions and Answers

What does an economy emphasize?

  • Material expressions of scarce resources
  • Technological evolution and history
  • Production, distribution, trade, and consumption of goods and services (correct)
  • Cultural practices and discourses

What are the main factors involved in a given economy?

  • Technological evolution, history, and education
  • Values, social organization, and technological evolution
  • Social organization, political structure, and legal systems
  • Culture, values, education, and natural resources (correct)

Who can be economic agents?

  • Individuals, businesses, organizations, and governments (correct)
  • Political parties and religious organizations
  • Cultural groups and educational institutions
  • Non-governmental organizations and international unions

When do economic transactions occur?

<p>When two groups or parties agree to the value or price of the transacted good or service (B)</p> Signup and view all the answers

What is the economic domain?

<p>A social domain of interrelated human practices and transactions (A)</p> Signup and view all the answers

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